Chief of the General Staff of the Vietnam People’s Army, Sen. Lieut. Gen. Do Ba Ty on May 21 held a reception for visiting Major General Ravinder Singh, Commander of Singaporean Land Forces.
Customers at the housing and gold trading floor at the Quoc Oai Industrial Park in Ha Noi. Gold trading floors at banks are among several things that are proposed for a ban in the draft law compiled by the Ministry of Industry and Trade. — VNA/VNS Photo Tran Viet
HA NOI — The Ministry of Industry and Trade is drafting a proposal to ban the sale of sky lanterns, antiques that have significant heritage value and several other goods and services.
The proposal would increase the list of banned goods and services from 92 to 101. New additions to the list include services which have already been banned recently, such as gold trading floors at banks.
The draft proposal aims to amend decree No 59/2006/ND-CP, which stipulates goods and services banned from sale as well as items subject to partial trading restrictions.
The proposal also bans the sale of certain types of toxic chemicals as well as updating the decree by listing a ban on sale of smuggled tobacco products.
The draft also supplements 26 goods and services subject to restricted sales, such as gambling, the hiring of private detectives and marriage brokerage services
Certain food additives and nutritional supplements which have not been approved for sale from the Ministry of Health will also be classified as restricted on the ministry's list.
The ministry's Domestic Market Department director Truong Quang Hoai Nam said the draft aimed to strengthen State management on new types of goods and services which have not been regulated in the current decree drafted after Viet Nam's joining of the World Trade Organisation.
Representatives from law firms and associations argued that the Government should create a clear legal framework and increase the State's management role and keep bans or restriction on goods and services to a minimum.
Chairman of BASICO Law firm, lawyer Truong Thanh Duc, said during the past decade the number of goods and services banned from sale has been increasing rapidly.
"By this August, the figure was at 152 and expected to be 157 by the end of the year, while there were only 29 goods and services on the list in 1999," Duc said.
He said the ministry should reduce restrictions and bans imposed on business.
"We should provide simpler, clearer and more sensible conditions on goods and services that are still subjected to sales restrictions," he said.
"We should also avoid bans and restrictions imposed in regulations, laws and decrees as stipulated in the draft because this is counter to our policies on encouraging enterprises to develop their business."
Concerns have been raised on the ban of gold trading floors.
Chairman of Viet Nam Gold Trading Association Dinh Nho Bang said that as gold trading via bank accounts was a common practice around the world, Viet Nam should not attempt to turn back this trend.
"Gold trading accounts help reduce the amount of imported gold materials, thus contributing to a lower trade deficit," Bang said.
He said gold trading floors should be given long-term guidelines and listed as a service subject to restrictions but not banned outright.
He said the ban was a temporary solution to limit risk in the domestic financial market that lacked a solid legal framework.
Nguyen Thi Yen from Ha Noi Law University said the State Bank of Viet Nam would have to draft legislation on gold trading floors.
"Gold is a professional financial investment and there is huge demand from Vietnamese investors to invest in this area," Yen said.
Investors had shifted their funds to silver trading floors since the ban took affect.
"Instead of the ban, the new decree should have clear conditions on gold trading floors," she said. — VNS